ICICI cuts lending rate by 0.05 percentage points

MUMBAI: ICICI Bank on Wednesday cut its marginal cost of funds-based lending rate (MCLR) by 0.05 percentage points, to take it on par with rates offered by SBI and HDFC Bank. This will help reduce interest rates to new borrowers. Under the new structure effective immediately, the bank will give out overnight loans to new borrowers at 8.95%, while the one-year MCLR, to which its housing loans are linked, now comes down to 9.15%.